This report aims to help investors, intermediaries, and entrepreneurs better navigate the complex landscape of small and growing business (SGB) investment in frontier and emerging markets. Segmenting the SGB market into multiple “missing middles” will help more effectively diagnose the distinct financing needs and gaps faced by different types of enterprises – and in turn, will enable the industry to better focus on scaling the financing solutions that are most needed to empower these enterprises to meaningfully contribute to inclusive economic growth.